Why Alibaba’s Stock Is Soaring Monday [Video]

Alibaba’s (BABA) U.S.-traded shares soared Monday after Chinese authorities said they planned to expand stimulus spending next year, and co-founder Jack Ma highlighted the promise of artificial intelligence (AI). Alibaba affiliate Ant Group also announced a new CEO.

Shares of Alibaba and other Chinese companies listed in the U.S. surged Monday following a report from state-run news agency Xinhua that the Chinese government will be “more proactive” with stimulus spending in 2025.

Billionaire Jack Ma, the co-founder of Alibaba and its affiliate company Ant Group, also highlighted the promise of AI technology at an event Sunday, in a rare public appearance.

“From today’s perspective, the great changes brought by the AI ​​era in the next 20 years will exceed everyone’s imagination,” Ma said, according to a report from Reuters that cited Chinese media outlet 36kr.

Alibaba has implemented what it called an “AI first strategy,”designed to make core computing resources …